SEATTLE (AP) -- A Seattle group says it will file a citywide initiative to raise money for bus service following Tuesdays' apparent defeat of a King County measure that would have prevented Metro Transit cuts in exchange for a sales tax hike and an increase to car-tab fees.

The group -- called Friends of Transit -- said Wednesday that by the end of the week, they will file an initiative that would increase Seattle's property tax by $0.22 per $1,000 of assessed value between 2015 and 2021. The group estimates the tax hike would generate $25 million a year for transit services.

The group needs over 20,000 signatures to get the measure on the November ballot.

Friends of Transit founder Ben Schiendelman says Seattle contracts with King County Metro for roughly 45,000 hours of bus service.